February 2008/5

Swiss Re has joined a growing pool of major market players setting up as admitted carriers in the deregulated Brazilian market.

US insurer HCC Insurance Holdings Inc's conservative business plan and investment strategy saw it reach a record profit for 2007 while steering clear of sub-prime woes.

Lloyd's (re)insurer Advent Capital Holdings PLC has seen net income rise to £19.2mn and has maintained a strong return on equity despite increasingly competitive market conditions.

French mutual Groupama SA has completed its preparations for an initial public offering (IPO), which would take place if an opportunity to make a major acquisition should arise, it revealed in its 2007 results.

The acquisition of Caribbean property insurer Island Heritage boosted the premium income of "Class of 2005" reinsurer Flagstone Re, which rose 91 percent last year, it revealed in its 2007 results.

Bermuda's Platinum Underwriters revealed it had significantly pared back premiums written at 1 January renewal as it reported record fourth quarter and full year profits.

German financial services giant Allianz AG's 2007 financial year results hit a historical high, with net income increasing 13.5 percent to EUR8bn accompanied by a proposed 45 percent dividend hike to EUR5.50 per share.

Benfield Group must downsize in order to survive as the development of the insurance linked securities market reduces the traditional role of reinsurance intermediaries, according to Panmure Gordon & Co analyst Barrie Cornes.

Two of the leading enforcers of Marsh's contingent commissions during the heyday of so-called Placement Service Agreements (PSAs) were found guilty last week of taking part in bid-rigging.